Cryptocurrencies were mostly consolidating on Dec. 26, as markets remained muted following the Christmas weekend. Bitcoin remained marginally above a key support point at $16,800, whilst ethereum remained near a ceiling at the $1,230 mark. Overall, the global crypto market is up 0.20% as of writing.
Bitcoin (BTC) remained slightly above a ceiling at the $16,800 level to start the week, as markets remained mostly unchanged following the Christmas weekend.
Trading volume typically slows down during the holiday period, with most financial markets shutting down.
Cryptocurrency markets however remained open, with BTC/USD moving closer to recapturing the $17,000 level.
As can be seen from the chart, Bitcoin hit a high of $16,908.86 earlier in today’s session, which is marginally above Sunday’s low of $16,755.25.
The move comes as the 14-day relative strength index (RSI) moved closer to a key ceiling at 49.00.
Currently, the index is tracking at the 47.55 mark, with bulls likely to continue to push towards the aforementioned resistance level.
Following a low of $1,203.72 on Christmas Day, ETH/USD raced to a peak of $1,222.61 earlier in today’s session.
As a result of today’s move, ethereum continued to trade below its key resistance level of $1,230 for a sixth straight day.
Looking at the chart, the failure to break out of this point comes as the RSI continued to hover near a resistance of its own at 48.00
As of writing, the index is tracking at 47.33, which comes after two weeks of residing under the 48.00 mark.
Despite this, the 10-day (red) moving average (MA) has begun to move closer to its 25-day (blue) counterpart, which could mean an upward cross is pending in the coming days.
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Do you expect cryptocurrencies to consolidate for the remainder of the year? Leave your thoughts in the comments below.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
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